Volt Money Raises $1.5 Million in Pre-Seed Funding Round As per the company, the funding will be strategically used to recruit key personnel for product development and to establish beneficial partnerships
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Volt Money, a platform for instant secured loans against mutual funds, has announced a pre-Seed fundraising round of $1.5 million. The funding round saw participation from investors including Titan Capital, All In Capital, Praveen Jadhav of Raise Ventures, Aditi Kothari of DSP Adiko Holdings, Gemba Capital, Kunal Shah of Cred, and Ashish Kehair and Rahul Jain from Nuvama Wealth. As per the company, the funding will be strategically used to recruit key personnel for product development and to establish beneficial partnerships.
"We are at the cusp of disruption of instant secured loans in India. With the advanced digital infrastructures for KYC, account aggregator, and pledging capabilities, we're ideally positioned to seize a unique and very large opportunity. We're grateful for the trust our investors have placed in us," said Lalit Bihani, co-founder and CEO, Volt Money.
The Association of Mutual Funds in India (AMFI) indicates that 55% of mutual fund investments are liquidated within the first two years, robbing investors of the opportunity for compounding returns over time. In an official release, Volt Money said that it seeks to rectify this by offering attractive loan terms such as low interest rates, interest-only EMIs, and zero prepayment charges.
The company also added that it is disrupting instant secured loans for INR 10 crore investors with INR 40 lakh crore investment to easily meet short-term cash requirements without compromising long-term financial goals.
"Volt Money's innovative approach to offer seamless liquidity against financial savings is an essential service for today's investors. The early traction from customers and partners demonstrates a strong market fit for Volt Money's platform," said Bipin Shah, Titan Capital.
Founded in April 2022 by Lalit Bihani, Ankit Agarwal and Bharat Lamba, Volt Money claims that its mission is to empower 10 crore savvy investors to meet short-term cash needs without compromising on long-term goals.